OpenAI CFO defends $122 billion raise amid investor doubts

OpenAI’s chief financial officer Sarah Friar reiterated that the company’s $122 billion private raise— the largest ever—signals continued investor confidence, even as some backers question the $852 b valuation against rival Anthropic’s $380 b price tag【2】.

Investor pressure and valuation gap

Anthropic’s revenue surged from $9 b at the end of 2025 to $30 b by March, fueling a market perception that its $380 b valuation looks cheaper than OpenAI’s $852 b price tag【2】. The same report notes that some investors would need to assume an IPO valuation of $1.2 trillion or higher to justify OpenAI’s round, highlighting the widening gap between the two firms. Friar’s remarks to the Financial Times aim to counter this narrative by emphasizing the historic size of the raise as evidence of strong backing, though the article also records dissenting views that liken OpenAI to the “Netscape of AI,” a once‑dominant player now at risk of being eclipsed【2】.

IPO timeline and market signals

OpenAI has filed a confidential prospectus with the SEC but has not set a public timeline for an IPO, with internal meetings on pricing and demand still pending【3】. The company’s public statements suggest a “may be a while” stance on going public, while CEO Sam Altman frames the IPO as a financing event rather than a strategic milestone【3】. This cautious approach contrasts with Anthropic, which has also filed its prospectus but remains silent on timing, underscoring a broader uncertainty about when AI firms can capture premium market valuations【3】.

Competitive dynamics

Anthropic’s rapid revenue growth, driven largely by its coding tools, has intensified pressure on OpenAI to demonstrate comparable enterprise traction. The competitive narrative is reinforced by the secondary market, where Anthropic shares are in higher demand while OpenAI’s private shares trade at a discount【2】. This environment may force OpenAI to accelerate its enterprise focus or adjust its valuation expectations before an IPO.

What to watch

• Prospectus filing updates – any amendment or public filing from OpenAI could signal a shift in IPO timing.
• Anthropic revenue reports – quarterly results will show whether its growth trajectory continues to outpace OpenAI’s enterprise rollout.
• Investor sentiment surveys – shifts in backing from major shareholders could influence the eventual IPO price range.

The clash between OpenAI’s record‑size fundraising and mounting investor skepticism highlights a pivotal moment for the AI sector: whether the company can translate its capital advantage into sustainable enterprise revenue before a public market debut, or whether valuation pressures will force a recalibration of its IPO ambitions.